February 25, 2024

“Transient Elastography Devices Market Poised To Expand At A Robust Pace Due To Growing Adoption Of Novel Technologies In Healthcare”

Transient elastography devices are medical equipment used to assess liver fibrosis and steatosis non-invasively. These technologies analyze how much the liver tissue pushes back when slight compression is applied. They deliver quick, reproducible, and noninvasive measurements of liver stiffness. The global transient elastography devices market has witnessed significant growth in recent times owing to the rising prevalence of lifestyle diseases such as non-alcoholic fatty liver disease (NAFLD) and the growing adoption of novel technologies in the healthcare sector.

The global transient elastography devices market is estimated to be valued at US$ 89.13 Mn in 2023 and is expected to exhibit a CAGR of 1.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Growing adoption of novel technologies in healthcare

The adoption of novel technologies across the healthcare industry has increased considerably over the past few years. Transient elastography devices are a primary example of innovative medical devices that have eased disease diagnosis and patient management. Their non-invasive evaluation of liver stiffness has streamlined diagnostic workflows for fatty liver disease. Moreover, technological advancements have made these systems more compact, precise, and easy to use. This ongoing infusion of novel technologies in the sector is expected to boost the demand for transient elastography devices during the forecast period.

Rising prevalence of NAFLD

The growing prevalence of non-alcoholic fatty liver disease (NAFLD) across both developed and emerging nations is another key factor driving the transient elastography devices market. According to statistics, approximately 25% of the global population is affected by NAFLD. Timely diagnosis and follow-up of NAFLD cases are crucial as it can progress to fibrosis, cirrhosis, liver cancer, and eventually liver failure if left untreated. Compared to conventional liver biopsy methods, transient elastography devices offer a safer, quicker, and more comfortable means of assessing liver fibrosis among NAFLD patients. This increases their adoption among healthcare settings for NAFLD management.

Segment Analysis

The Transient Elastography Devices Market Size is dominated by the FibroScan segment which accounts for over 60% of the market share. FibroScan devices are highly popular among physicians and healthcare practitioners as they provide accurate and reproducible results of liver stiffness measurement (LSM) and controlled attenuation parameter (CAP) in a short time. FibroScan is considered the gold standard for non-invasive assessment of liver fibrosis and steatosis.

Pest Analysis

Political: Transient Elastography devices are regulated under medical device laws and regulations. Stringent regulatory approvals are required for new product launches which can delay market entry.

Economic: The rising healthcare spending driven by growing liver disease burden and increasing demand for minimally invasive diagnostic procedures is fueling the demand for Transient Elastography devices.

Social: Growing awareness about early diagnosis and treatment of liver diseases is encouraging people to undergo regular health checkups where Transient Elastography plays a crucial role in disease assessment.

Technological: Manufacturers are focused on developing advanced Transient Elastography devices with improved efficacy, automated reporting of results and portability for point-of-care applications. Wireless connectivity features are also being incorporated.

Key Takeaways

The global Transient Elastography Devices market is expected to witness high growth in the forecast period of 2023 to 2030. The global transient elastography devices market is estimated to be valued at US$ 89.13 Mn in 2023 and is expected to exhibit a CAGR of 1.9% over the forecast period 2023 to 2030.

Europe currently dominates the market owing to rising prevalence of liver diseases and availability of reimbursement for elastography procedures in the region. North America is anticipated to be the fastest growing market during the forecast period owing to increasing healthcare expenditure and technological advancements. The Asia Pacific region also presents lucrative opportunities for market players due to rising medical tourism, healthcare infrastructure growth and growing demand for non-invasive liver disease diagnosis solutions.

Key players: Key players operating in the Transient Elastography Devices market are Echosens, HISKY Medical Technologies Co., Ltd. and SMEDA Medical Co., Ltd. Echosens holds the leading market share with its flagship FibroScan product portfolio. HISKY Medical Technologies is a new entrant focused on developing cost-effective transient elastography solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it